EURUSD - Technical Analysis: Wednesday, 29/07/2015 06:19 GMT

The EURUSD pair stability below the broken support line of the ascending channel keeps the negative pressure valid, and the price moves inside a bearish channel that carries trading since last month.

Touching the current descending channel’s resistance means that the price is on the way to rebound downwards and resume the bearish track, and the next target is located at 1.0700.

The exponential moving averages 50 and 100 form support base now at 1.1000, and the price needs to break this level to confirm the continuation of the bearish trend in the upcoming period.